On the day they were supposed to hold their annual shareholder's meeting, Men's Wearhouse announced the termination of George Zimmer. If the name doesn't ring a bell, the man certainly will. In addition to founding the company in 1973, Zimmer has also largely been the face of the company, appearing in advertisements since the 1980s.
Zimmer is best known for the catchphrase, "You're going to like the way you look; I guarantee it." In a statement about his termination, the company says, "The board expects to discuss with Mr. Zimmer the extent, if any, and terms of his ongoing relationship with the company."
Zimmer had a statement of his own, telling CNBC he had concerns over the company's direction. "Over the past several months I have expressed my concerns to the board about the direction the company is currently heading," Zimmer says, "Instead of fostering the kind of dialogue in the boardroom that has in part contributed to our success, the board has inappropriately chosen to silence my concerns through termination as an executive officer."
After the termination announcement, shares of the company's stock fell 2.4 percent. Men's Wearhouse has also rescheduled their annual shareholder's meeting, but have yet to set a date or time. Zimmer still holds 3.5 percent ownership in the company.
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